Sports betting has only been legal in Colorado for a matter of months, but the intent of online platforms combined with gamer interest makes it a very exciting state to monitor. Read on for full details concerning sports betting in Colorado right here.
Legal Sports Betting Sites in Colorado
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Please note that at the time of writing, there aren’t any sports betting sites that are currently legal and operational in Colorado. With that being said, there is major evidence that suggests that the first online sportsbooks became available in May 2020. While sports betting was initially approved in 2019, as we can all appreciate, it takes time for these platforms to develop their sites and incorporate their offerings.
This is why we can only provide an estimate at this time, but let us assure you, there are many positive signs that the first sportsbooks could be seen within just a few months. There are also many established sportsbooks across the nation that have expressed interest in a Colorado expansion – all of this is discussed within this article.
Live online betting sites
As we briefly stated in the previous section, there aren’t any live sportsbooks yet in Colorado, even though the bill was passed back in 2019. Given this reality, we are only able to predict what sportsbooks could make their way into the Colorado market over the next few months.
Please note, however, our predictions have not been created completely at random. We have analyzed the market and monitored press releases by many of the leading sportsbooks in the USA, so you can be sure that these are educated predictions. To get an idea of what sportsbook platforms could emerge onto the scene by May (or even sooner), simply read on!
- William Hill
The potential for a bookmaker as prestigious as William Hill to enter the Colorado market is something that is very exciting, as well as very realistic. They’ve established a sportsbook platform in other states already, including New Jersey. What this bookmaker brings to the table is something that is rare to find in the USA, as they bring decades of sports betting experience from Europe with them.
While we can’t say for sure what the offerings will be in Colorado, William Hill is one of the most likely candidates to launch the site shortly after the betting markets are open for business in May.
The Caesars brand may have started life in Sin City, but they are broadening their horizons in a big way of late. They have a fully functional sportsbook available in New Jersey, and they’ve already branched out into other states such as Pennsylvania and West Virginia. It would seem only logical that given their recent expansion, that they will launch in Colorado too.
The thing about the Caesars brand is that they aren’t short on investment power, that’s for sure. For this reason, we’d expect the sportsbook to be developed to perfection, and for the incorporation of many sporting markets to be a reality in a matter of months.
DraftKings is arguably one of the pioneers of online sports betting in the USA, although things didn’t start out this way. They originally started life as a fantasy sports betting site, and while this is still a product category on their site, they now have a fully operational sportsbook too. DraftKings along with their competitor site, FanDuel, were the two brands that applied plenty of pressure for sports betting to be legalized just a few short years ago.
They still have a fantasy sports betting product, in a big way as it happens, but so far it would seem that sports fans are loving the real sports betting action on this site. Given that they are one of the largest ‘betting brands’ in the USA too, it would seem perfectly feasible that they would launch in Colorado too.
Much like DraftKings, FanDuel was exclusively a fantasy sports betting site a few years back, but now, thanks to relaxed regulations they have a full sportsbook offering. This sportsbook is already alive and kicking in states like Pennsylvania and New Jersey, and with the power of the brand as well as the budget that they have, we could see their arrival in Colorado very soon.
The sportsbook that they already have consists of many popular North American based sports such as football and basketball, but they also cover college ball too. Just like DraftKings, they have maintained the inclusion of their fantasy contests into their overall offering, which is good to see.
You may be aware of huge boxing and MMA fights taking place at the MGM Grand in Vegas, and this is another extension of their brand which now includes online sports betting. Once they do launch in Colorado, we’d be highly surprised if it wasn’t a fully functional all-in-one site, given that BetMGM is well known for their casino games too.
Needless to say, we can’t give an exact launch date for BetMGM or any of these other sportsbooks for that matter. We can only give the anticipated launches based on publicly released information, so please take this information as it should be taken – as an educated opinion rather than fact.
State casinos with sportsbooks
Online sports betting may be a brand new thing for Colorado, but the pass of the sports betting legislation was revolutionary for physical casinos too. Sports betting had quite literally never been legal before in the state, which is why the approval of sports betting in 2019 was such a monumental event. With that said, it takes time and considerable investment to set up sportsbooks both online and in a physical casino.
This is why we haven’t seen any completed sportsbooks as of yet, but just like the online sportsbooks, we have strong reasons to believe that they will soon be available in certain locations. It is thought that physical sportsbooks will first emerge in several mountain venues, including Cripple Creek, Central City, and Black Hawk.
Just like the conditions to go out and gamble in a regular casino however, you will need to be 21 and prove this with some form of identity card before betting. Once again, we can’t give specific locations or details regarding what sports and markets these sportsbooks will have, as they haven’t fully launched yet.
Legal Sports betting launch
Colorado is not the first state to legalize sports betting by any means, and they likely won’t be the last. As of November 2019, the Centennial State passed a bill regarding sports betting legislation, which was voted for by the people of Colorado. This meant that by unanimous vote, sports betting would now be approved and legal to do in Colorado.
The thing you need to be aware of here is that while the bill has been passed for sports betting to be allowed, the first sports betting wagers cannot be placed before May 2020. This is basically because the relevant authorities are still putting together the final rules and regulations, and the various sportsbook platforms need to prove that their products are up to par before they are approved.
This is a fairly standard process when betting legislations are passed in any state in the USA, or indeed for any country in the world for that matter. The relevant governing body, in this case, the Colorado Division of Gaming, is responsible for conducting these checks as well as issuing the gambling licenses. For you as the final customer, it’s better to wait for these checks to be made rather than struggle with safety/financial issues down the line.
What are the sports betting laws for Colorado State?
Given that rules and procedures are still being put into place for sports betting in Colorado, there isn’t a wealth of information out there yet. That doesn’t mean that there aren’t any laws that are set in black and white, and we have covered what laws they do have right here.
- One brand partnership per physical casino
Unlike New Jersey, where a physical casino can partner with up to three brands for an online sportsbook, physical casinos in Colorado are only permitted to have one. What this basically means is that there will only ever be one site for each physical casino – given that there are currently 33, this would be a maximum of 33 sportsbooks. Do note that this doesn’t mean that online brands cannot enter the market, so we could ultimately end up with far more than 33 sportsbooks.
- Location as well as age laws
Colorado has a history of being a bit more lenient concerning laws in the USA compared with other states, but they are not shifting from the standard betting age seen with other states. To gamble at any sportsbook in Colorado, you will need to be over 21 years of age, which will be verified and checked out by the sportsbook. Then once you want to make any sports bet, you’ll have to do so from within Colorado borders – no exceptions.
- Affiliation Restrictions
This is an interesting law, but it’s one that we have seen concerning other states too. Basically, if you are deemed to have any affiliation to professional sports teams, have direct access to professional athletes, or essentially have access to material or information that could give you an unfair advantage – you won’t be able to bet. It’s as simple as that, but how deep these investigations will go to determine this is still a little unclear.
- High school and esports banned
This is a fairly standard law that has already been implemented across numerous other states, and it basically means exactly what it says on the tin. You are not permitted to gamble on any sort of high school sporting event or any esport event. There aren’t any real justifications given in the legislations for this, but we can hazard a fairly good guess why this is.
High school sports involve children, which is already a potential safeguarding issue that could get ugly. As for esports, it’s still a gray area concerning whether this would be deemed a ‘sport’ or not, and in the eyes of Colorado and other states, it’s a big no-no right now.
- 10% tax rate
Unfortunately, not all of the money that you obtain through sports betting will be yours to keep. You will need to pay a standard tax rate of 10% for all sports betting proceeds, which isn’t the largest amount, but it isn’t exactly nothing either. In the USA it is quite common for states to put a tax on gambling profits, whereas overseas countries are often tax-free.
We could kick and scream about it all we like, but the fact remains, this is the quoted tax rate in accordance with the Colorado government, and there is no avoiding it. The good news is that it’s quite easy to monitor, as you can request forms from your chosen sportsbook and use these to declare your taxes each year.
Colorado sports betting: How to get involved
What sports and leagues can I bet on?
The fact that many of the sportsbooks that will emerge in Colorado will be USA based means that they are likely to lean towards American based sports as a primary offering. For this reason, it is a distinct possibility that you’ll be able to bet on major leagues such as NFL, NCAA events, MLB, MLS, and NBA. As of right now, it doesn’t appear that the Colorado government will be restricting bets on college sports, but this is something to keep an eye on.
Are any games/sports banned from betting?
As it stands, the only two sports/games that are absolutely prohibited are high-school games and esports events. As we’ve touched on before, having high-school games prohibited is fairly expected due to the fact the games involve minors, and esports is still up for debate. Esports is likely frowned upon as it technically isn’t a sport, despite the name – it is just competitive video gaming.
What kind of bets can I place
This is always an important thing to know, and we’d expect the Colorado sportsbooks to support a bunch of different bets. Note that these bets can be found by simply choosing a sporting event and opening up the markets, and there are a few key bets you are likely to find.
These bets include tournament outrights, spread bets, over/under, moneyline, parlay bets, and in-play bets. If you choose a very popular sporting event such as the NBA playoffs, for example, you may find dozens of different markets for these select bets.
How to register on a site
It is super simple to sign up on a sports betting platform these days, and whatever sportsbook homepage you land on, there will always be a link to register or sign up. Some sportsbook sign up processes are longer than others as you can imagine, but there are always some fundamental pieces of information you must give. These include title (Mr/Mrs), residential address, full name, date of birth, contact number, as well as account details.
It is rare that you’d need to spend too long going through this process on any site, but we always advise making sure that all the information you enter is 100% correct. This is because the information is always cross-checked by a site in order to verify your account.
Placing a bet in a casino
There are two types of casino betting these days. The first is something you may find when you sign up to an online sportsbook, for there is occasionally a casino offering too. Failing that, you’d need to march into a physical casino to participate in casino gaming.
If the casino is online, you are usually able to access this platform via the same account details that you used to open your sportsbook account. Within the casino section, you may find card games, video slots, progressive jackpots, and other enticing games. Do note that you will always need to have adequate funds in your account to place any casino bet, otherwise the site simply won’t accept the wager.
In a physical casino the procedure is much more simple, for you can walk in and purchase some chips, then make your bet on any game that you desire.
How to bet on mobile/online
The first thing you must do to place any bet online, whether it is via a mobile app or a desktop site is to open and verify your betting account. Then the choice is yours whether you prefer to bet via a mobile app or from your laptop/tablet – either way, there are a couple of prerequisites.
You need to make sure that you’ve added a payment method for your account and deposited some funds. You also need to make sure that the browser or operating system you use supports the platform, as this will ensure that it works in the first place! After this, you are good to go!
Colorado State (CO) Legal sports betting questions
Is there a specific launch date for the first sportsbooks?
Colorado State has not yet declared a specific date for the initial sportsbooks to be available to the public, but there is a provisionary date in place of May 1st, 2020. Needless to say, it is quite likely that the first sportsbooks won’t be available on that exact day, but they could launch within the weeks that follow.
Would I still be able to access my account from outside of Colorado?
Yes, you’ll still be able to access your sportsbook account but you won’t be able to make any kind of real money bets. There is a further element to this law that some sports bettors are unaware of too, so allow us to clarify. If you place a sports bet, you must not access your account outside of the state until it has concluded, otherwise, it will be deemed as null and void.
How can I check that the site is secure and reliable?
As is the case with sportsbooks from other states, once they have the appropriate betting license they will display details of this on the site. For example, sportsbooks in New Jersey are governed by the New Jersey Division of Gaming Enforcement, so they will display a license on their site that has been issued by this government authority.
In Colorado, however, the governing body is the Colorado Division of Gaming. You should look for a valid license number issued by this authority on a site, as well as conduct checks that they use SSL encryption to protect your financial and personal details.
What are the likely payment methods supported by these sportsbooks?
There’s a whole host of payment methods out there that we’ve seen with online sportsbooks, but let’s stick to the most popular methods. Some of the likely payment methods for both deposits and withdrawals include MasterCard/Visa, PayPal, Skrill, Neteller, Bank Transfers, Paysafecards, and even paper checks.
The various fees and processing times associated with these payment methods will, of course, vary from site to site. Usually, there will be further details concerning this within an FAQ section, which we advise that you check as soon as your account is open.
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